Conservatory or Kitchen?? Advice please!!!

thesimian

Am completely stumped - though its nice to have such a dilema!

Basically I am in the nice situation where I have about 10.5k to spend on my home having saved it up over the last year or so. :j

When I bought my link-detached house nearly 5 years ago it was very dated, both kitchen and bathroom were and still are tired and in need of modernisation. What I am now trying to decide is what will provide the best result in terms of adding value to my home.

Bit of background......
I have a realtively high mortgage (about £165k on a house which is worth circa £220k, bought for £212k in 2006). I am on a fixed rate mortgage until 2014 but would like to be able to do everything I can between now and then to try and reduce my LTV amount whilst also improving my home - have no real desire to move so making it nicer to live is good but also reducing the LTV will make re-mortgage time nicer!

So, here is my question to you moneysavers, would you ...

a) have a 2.5m by 3m brick based conservtory built on the rear of the house - adding an extra space for relaxing and from what I have read you tend to get quite a bit of your money back in terms of the investment when selling (also will this help to increase house value for valuation when re-mortgaging???)

b) re-do the kitchen, rip out the thing completely and have it modernised. Unlikely to add too much value to the house in terms of re-mortgaging but will be nicer to live in for myself and were we to sell it will definitely look better than the existing one.

As said am looking at spending about £10.5k max - hopefully less. What would you do in this situation?? Its possible that I might be able to get both done before the re-mortgage but this all depends on how I acn continue saving. Might even go down the route of overpaying once I have the first stage done (kitchen or conservatory).
Sorry for the long post, any advice is much appreciated!!!
Ta

Cissi

Since you don't seem to have a desire to move in the short or even medium term then I'd go for whichever option will make you enjoy your house most. From what you write, I think this would be modernising the kitchen.

A conservatory can be great if it fulfills a particular need - for example, my SIL has a great brick-based one outside the kitchen/diner which was built specifically as a playroom. We have a large one, open to the kitchen/breakfast room and connecting to the side of the lounge via a French door; it's a great space to relax in, and is where our dog lives. However, it doesn't sound as if you have a specific use in mind for the additional space? Also, be aware that not everybody sees a conservatory as a bonus (I'm sure you'll get replies to this effect) - they can be too hot, too cold etc. If you do build one make sure it's a good one with a design that works as part of the house.

Frankly, I think a new kitchen would make a bigger difference for you living in the house than adding extra space just for the sake of it. The kitchen is also always a key feature when selling a house, so while it may not add as much nominal value as a conservatory it would definitely make the house more saleable, which has its own value too.

As you say yourself, your LTV could be better, and if it were me, I think I'd spend £4-5k on the kitchen, and use the rest to overpay your mortgage. If you've been able to save £10.5k in a year you're hopefully in a good position to save some more in the next couple of years, and you could always add a conservatory a bit later?

poppysarah

What do you want to do more of? Relax or cook?

thesimian

poppysarah wrote: »

What do you want to do more of? Relax or cook?

lol - excellent question! I do quite like cooking but then relaxing is always the first choice!

I do see the point that both of you are making though, updating the kitchen will certainly make the house more-saleable. Though I have no real intention of selling anytime soon, but then a nice new kitchen will make the house nicer to live in.

On the flip side the convservatory will obviously add value to the house and give options to potential buyers were I to sell - house is a 3 bed family house and I guess as cissy said - it could be seen as a usable playroom.

Arrrghhhhh! I hate making decisions like this, I didnt use to have too much cash and have always been very careful with spending it :mad::mad:

In a fantasy world I would do both but cant gaurantee that I can save enough to do both before my re-mortgage comes around.
Given the choice what would you lot do?? Am after opinions really, I know I have to decide myself but its always nice to have other peoples viewpoints!
Thanks again for the replies so far, lots to think about.

Doozergirl

It doesn't really sound like you need a conservatory? They add about as much in value as they cost, not everyone likes them. I wouldn't pay extra for a house with a conservatory.

If the kitchen needs doing then I'd do that. With £10.5k and a good shop, you should be able to have a nice new kitchen and bathroom. While you are doing that, you can be thinking about how you use the space in the house - there are always small improvements that can be made with different furniture or moving a doorway to help.

There's no point in adding £5k with a conservatory when people are going to knock you down £10k because the kitchen and bathroom are dated. I'd start with making good what I already have. A conservatory can be built without making any mess inside the house, so it's not like an extension where you need to do it first.

We have extra reception rooms and I don't even go in them!

thesimian

Doozergirl wrote: »

It doesn't really sound like you need a conservatory? They add about as much in value as they cost, not everyone likes them. I wouldn't pay extra for a house with a conservatory.

Very, very good point!
It is possibly true that I have gone done the route of conservatory just to add some value into the property - rather than thinking about how/would I use it.
Perhaps the kitchen would be a better priority...hmmmmm
Maybe getting the kitchen nice and lovely would be better, will be nicer to live in. Doesnt add value though, can always try and save some money to make a lump sum payment at re-mortgage time as well though I guess. Surely I can get a decent kitchen for less than about 8k - its not that big a room!!

hazyjo

I'd definitely do the kitchen. Personally, I think that would add more value and make it easier to sell if you did. There was a recent thread on people's views on conservatories. Might want to look for it... some interesting points made on it.

Was also going to make the point (along with Cissi) that if you'd saved up that in a year, you might as well keep saving and add the conservatory, or save for longer and think about an extension if your house has small rooms. Hard to say without knowing what the house is like. If the kitchen's small and you could extend it within a couple of years (after saving), I'd keep saving, have a bigger kitchen and then put in a new kitchen. Would probably get someone to do it all at once. If the kitchen's big enough already, a new kitchen would be fab

Jx

poppysarah

Why not price both up realistly?

Include a luxury gadget or two into the kitchen budget.

Doozergirl

thesimian wrote: »

Very, very good point!
It is possibly true that I have gone done the route of conservatory just to add some value into the property - rather than thinking about how/would I use it.
Perhaps the kitchen would be a better priority...hmmmmm
Maybe getting the kitchen nice and lovely would be better, will be nicer to live in. Doesnt add value though, can always try and save some money to make a lump sum payment at re-mortgage time as well though I guess. Surely I can get a decent kitchen for less than about 8k - its not that big a room!!

What will add value is a proper extension, not a conservatory. Especially when you're talking about LTVs, a conservatory is going to make very little difference.

thesimian

Doozergirl wrote: »

What will add value is a proper extension, not a conservatory. Especially when you're talking about LTVs, a conservatory is going to make very little difference.

Thanks, I think you might have just tipped my decision there. I dont think in the short term that saving enough for a conservatory and kitchen all in one is possible. Its been a struggle to get this amount of cash together. I think that the kitchen might be the best option as I shall make more use of it and it will be nicer to live in.

After that I should really get the bathroom sorted. I guess I could always save some cash in the lead up to re-mortgage time and put this in as a lump sum to try and reduce the LTV amount.
Thanks guys, you have made some very useful points and given me loads to think about. :beer:

Doozergirl

thesimian wrote: »

Thanks, I think you might have just tipped my decision there. I dont think in the short term that saving enough for a conservatory and kitchen all in one is possible. Its been a struggle to get this amount of cash together. I think that the kitchen might be the best option as I shall make more use of it and it will be nicer to live in.

After that I should really get the bathroom sorted. I guess I could always save some cash in the lead up to re-mortgage time and put this in as a lump sum to try and reduce the LTV amount.
Thanks guys, you have made some very useful points and given me loads to think about. :beer:

Telling you again - you can do both kitchen and bathroom for £10.5k! Don't spend £10k on a kitchen. I've just produced a large kitchen and utility, with a large island with gas hob and an island extractor (not cheap!), really good quality units, quartz tops and Smeg appliances and it's come to about £8k. There is no reason for an average kitchen to cost more than £5k.